In 2022, 31,231,522 people in Canada filed taxes. Whether you’re a resident or a nonresident of Canada, you will have certain tax liabilities. The good news is, you don’t have to pay tax on everything. That’s a relief, isn’t it? There are two kinds of things that are not taxed: zero-rated and exempt. Zero-rated items are…
Everything we did before on paper is now done online in this digital era. From paying bills to filing taxes, it’s all a click away now. However, the increased use of the internet also comes with its downsides: security risks. Scams, hacking, etc., have become common and put our personal information at risk. Therefore, it’s…
Filing taxes in Canada is crucial, whether you are a business or an individual. All Canadians must file their tax returns each year. For instance, the citizen had to pay the tax returns by April 30th, 2022 for the financial year 2021. There is a set deadline each year to file tax returns, which needs to…
E-commerce businesses face unique challenges, and one of them is online sales accounting. As a virtual business, e-commerce enterprises are quite different from normal businesses. Their processes, practices, and methods of doing business are different. Therefore, you can’t use the same accounting methods in an e-commerce business that you do in a regular business. While setting…
Understanding corporate tax deductions is an essential part of running a successful business. Whether it’s through ordinary and necessary operating expenses or capital expenditures like machinery purchases – understanding how tax deductions work can help you maximize your profits In this blog, our tax accountants will break down the ins and outs of corporate tax deductions…
Managing your finances is a necessary and important part of running any business. Whether you’re a freelancer, small business owner, or entrepreneur, staying on top of your finances is crucial to ensure the success of your business. From setting up budgets based on business goals to finding ways to invest smarter without breaking the bank,…
This publication is a high-level summary of the most recent tax developments applicable to business owners, investors and high net worth individuals. Read the newsletter for a list of tax planning considerations.
One of the most common questions that most business owners in Toronto ask us is if they should pay themselves and their employees a dividend or salary. It’s a good question and one that doesn’t have a simple answer. It all depends on your circumstances and a few financial factors. In this blog, our financial…
As we close out this year and prepare for the next, it’s important to take a moment to reflect on the past twelve months and see where we stand financially. Making small changes in your financial statements can benefit you and your business in the long run. Here are a few reasons our tax accountants…
If you’re running a business, you’d know how important financial statements are. But what exactly are they? What information do they contain? And how can you use them to make better business decisions? In this blog, we’ll answer all these questions and more. So, whether you’re a new entrepreneur or a seasoned business owner, there’s…
It’s no secret that technological development is fueling the growth of the corporate world. As a business owner, you already have a lot on your plate, and it can become a nightmare for you to track every expense and revenue. So, what do you do to improve your financial performance? We recommend using cloud-based accounting as it…
It’s no surprise that many Canadian companies are struggling to handle their finances amidst uncertain economic conditions. Most companies are looking to get back on their feet by attracting new customers and maximizing sales. But is that enough? We don’t think so! You must focus on your company’s finances if you want to stay in the…
Accounting is all about collecting financial data and producing reports, but it can be hard to get it right when you’re juggling multiple responsibilities and deadlines. And since accounting is so integral to your business, you must do everything in your power to streamline the process. Keep reading this blog to learn how your company can…
Are you a business owner looking for ways to cut costs and increase efficiency? If so, you may want to consider virtual bookkeeping. Continue reading this blog to learn more about the exciting benefits of online bookkeeping. Save Money You can save money on fixed costs like office space and equipment when you outsource your…
New businesses can make the mistake of neglecting financial management and end up in a financial nightmare. You should hire accountants if you don’t want to get into financial trouble. But is finding an accountant easy? We don’t think so. Selecting the perfect accountant for your company can be tricky. You’ll have to consider many factors,…
Technological advancements have revolutionized the corporate world. Modern innovative methods help companies improve their production processes and manage their data. If you want to amplify your accounting department’s performance, you should adopt modern tools. Innovative software can assist you in storing heavy financial files and navigating through complex data sets. Continue reading to find out…
Amid the pandemic, many companies started selling their products both online and on physical platforms to cater to the changing consumer behavior. However, tracking your finances on multiple platforms can become a nightmare. Fortunately, a bookkeeper can help you stay organized and on top of your money. Continue reading this blog to understand the significance…
The demand for commercial loans is on the rise in Canada because of the challenging financial circumstances. Whether you want to buy a new house or kickstart a commercial project, you’ll have to get adequate financing beforehand. Are you thinking of applying for a loan? Before you do, there are a few things you should…
Tax season can be a hassle for anybody, but it may be especially taxing for first-time filers. There’s so much to keep track of. What paperwork is needed, where to find it, and how to fill it out. The good news is that we’ve got the answers to all your questions. This beginner’s tax guide…
There are several reasons why small and large businesses alike are making the leap to cloud-based accounting systems. If you’re a small business owner, you probably have an entrepreneurial spirit but lack the organizational prowess of an accountant. When your primary goal is to establish your brand and grow your enterprise, it’s wiser to leave…
Tax-related issues require careful thought and consideration. Dealing with the IRS is a serious matter, and any blunder made by your staff or tax preparer can lead to many problems. When you’re facing an IRS audit, it’s best to hire a tax attorney. They can handle everything from legal issues to removing liens on your…
Bookkeeping is the process of recording all the financial transactions made by a business. Bookkeepers are responsible for recording, classifying, and organizing every transaction made over the course of a given period. Bookkeepers are crucial for the operations of a business. Without bookkeepers, companies wouldn’t be able to identify their current financial position or keep…
The success of a business is contingent on its financial management. The ability to manage finances helps organizations to increase their profitability. It adds to their business’s equity and overall growth. In addition, proper management of finances ensures financial stability and provides employees with a sense of security. Therefore, effective management of finances plays a…
It’s no secret that many Canadian companies struggle to manage their financial records. As consumer behaviour quickly evolves globally, companies have to handle customers on online and physical platforms, which makes financial reporting a nightmare. It’s crucial to understand the accounting cycle to run a successful business. This process includes recording, classifying, and summarizing financial transactions to…
Did you know Canada’s tax to GDP ratio increased to 34.4% in 2020? This indicates that more Canadians are filing taxes and joining the tax bracket. Even though the number of taxpayers is increasing, many Canadians are still not a part of the tax system because they find it challenging to file taxes on their own.…
Undoubtedly, global factors like the Ukraine-Russia crisis and the pandemic have affected Canadian firms. It’s no secret that running a business in 2022 will have a lot of challenges. But a true entrepreneur never runs away from a challenge. If you want to get ahead of your competitors in 2022, you should start managing your finances…
Tax is a mandatory financial charge imposed by the government on all profit-driven businesses. The taxes paid by businesses are used to carry out state functions. All taxes are collected by the state’s revenue agencies and then processed accordingly. The criteria and amount of tax vary from business to business. Businesses with huge profit gains are…
In this booming e-commerce industry, it’s easy to get caught up in a million different tasks. Proper e-commerce bookkeeping is one of them. The accounting errors, if left unaddressed, can snowball over time, leading to financial and legal implications. As a store owner, you sometimes have to wear an accountant’s hat. Knowing the basics of accountings…
Accounting services are important for both small and large business. They can help you keep your payments, bookkeeping, and financial records on track. However, monitoring them yourself can take your focus away from things that are essential for your business. As a business owner, you already have plenty on your plate. Outsourcing these services will help…
Employees of a small business organization are always active in the company’s fundamental activities, such as production, marketing, customer services, and sales. This is why bookkeeping operations are typically overlooked in such businesses. Hiring an accountant is a viable option, but that in itself comes with a lot of responsibilities, such as organising interviews, training…
Small business owners are always on the lookout for ways to become more efficient and competitive. Technology is often the solution, but not all technologies are created equal. Cloud-based technology is the best option when it comes to small business money management. By using manual or hard-drive methods, you are only setting yourself up for…
There are always certain things and questions that one must think about and know before choosing something for their business. Here’s everything you need to know about cloud accounting services. Small businesses can manage their finances more efficiently using cloud accounting (also called online accounting). Your accounting books are available from anywhere you are, so…
A total of 29,629,657 returns were filed from February 8, 2021, to August 15, 2021, in Canada. There are several benefits of filing for income tax returns in Canada. One of the most important ones is that you can claim tax deductions. There are different tax credits and deductions available to help maximize our tax returns.…
Cloud-driven accounting solutions are rapidly becoming the go-to bookkeeping option for most businesses. They’re fast, effective, and help business owners make informed financial decisions. But first, it’s important to know your needs and the problems you’re dealing with in your business. Once you’ve sorted your needs and wants, it’ll get easy to look out for…
Businesses and individuals, both need efficient accounting solutions to manage their finances. Here’s a five types of accounting solutions for you.
New to filing taxes? Let us help you out!From calculating your income tax to understanding what falls under the tax benefits umbrella, there’s so much that we don’t know about taxes. To top that off, the government has also revised the benefits and made other changes to the taxation policy to help Canadians get through…
Sinking under heavy taxes? Here are three ways our tax planning services in Canada can help you legally minimize the taxes you pay.
Frustrated with managing finances for your business? Level up with these four bookkeeping and accounting practices.
When everything from shopping to banking is being digitized, it is only natural to assume that accounting will also be done without manual calculators and huge cash registers.
How buying pre-construction condos can minimize the tax implications if one decides to sell the property as an assignment before closing.
Join us to learn more and fill out the form to save your spot today!
Changes to CRB amounts and eligibility period limits: apply for a total of 25 periods & Payment amounts will change to $600 ($540 after taxes withheld).
Accounting is one of the most crucial core operations of any business. It’s safe to say that even a minor accounting error can put you out of business.
Accounting can assist small business owners with budgeting, bookkeeping, acquiring loans and making important business decisions.
Read this complete guide to avoid being a victim of fraudulent tax preparation services.
If you are a small business struggling with financial planning, this blog has all the solutions.
Bookkeeping services help take care of merchant fees, they manage inventory across different platforms and deal with the issues with refunds and third-party tools.
Learn how to maximize your borrowing power & structure your portfolio in the most tax-effective way when building a large real-estate portfolio.
An accounting specialist can take off bookkeeping stress from your shoulders and simplify tax planning and accounting process for your business.
This article enlists the roles of a business advisor, what they do, and how they manage to maintain business finances.
Do you feel like your business has gotten too big for you to manage? These simple KPIs will tell you whether it’s going in the right direction.
Find out how you can automate your construction business’s accounting practices with the help of cloud based accounting solutions Canada and business advisory services in Toronto, Canada.
The government of Canada would provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
If you are eligible for the Canada Recovery Benefit (CRB), you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Are you curious about what’s new for 2020 Personal Tax and how COVID-19 Government Benefits affect your personal tax?
Join the webinar with us and fill the form to save your spot today!
Look out for these warning signs that prove your bookkeeping needs professional intervention.
Tax season is right around the corner, and it’s that time of the year to file your 2020 Canadian personal income taxes. Accounting Plus Financial Services is ready to help!
Keep yourself stress-free during tax season by following these steps.
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.
Check out our 2021 tax rates, including PERSONAL MARGINAL TAX RATES (Combined Federal & Ontario) AND MORE
Did you know…
Certain expenditures made by individuals by December 31, 2020 will be eligible for 2020 tax deductions or credits including:
Eligible small businesses will receive up to $20,000 through the new Ontario Small Business Support Grant. Applications are now open!
Not-for-profit employers are eligible to receive funding for up to 100% of the provincial or territorial minimum hourly wage. Public and private sector employers are eligible to receive funding for up to 75% of the provincial or territorial minimum hourly wage.
Having trouble finding the right tax accountant for your small business in Canada? Here are 3 tips that will help you make the right call.
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Accounting Plus brings you the latest updates. Check out the advantages of using a bookkeeping service for your new business in Ontario.
Did you know…When you’re divorced or separated, if in the four year period,
Did you know… There is only one month left for some year-end tax planning.
Did you know…If you rent out your cottage on a partial basis. You might be able to partially deduct certain costs.
Did you know… If you become eligible for EI benefits on or after September 27, 2020
The BC Recovery Benefit is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.
Canada Emergency Business Account will provide interest-free loans of up to $60,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Dear Clients, We hope that you and your family are safe, healthy and managing as best you can during the current crisis. We understand that it has been an emotional and stressful time for everyone; however, Accounting Plus is here to assist you during these tough times. Please find details of our services regarding…
Get short term financial support, Max $733/month if you are in a crisis or an emergency situation and don’t have enough money for things like food and housing.
The Canada Emergency Rent Subsidy (CERS) would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.
The Government of Ontario is helping small businesses with the unexpected costs of PPE.
Businesses that were required to shut down or significantly restrict services due to provincial public health measures (in areas with modified Stage 2 restrictions or categorized as control or lockdown) can apply for rebates, provided in the form of grants, to help with their fixed costs.
Did you know… As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario.
Individual Ontario real estate agents will now be able to incorporate their business.
Are you a real estate agent in Ontario?
Have questions about Personal Real Estate Corporation PREC?
Join the webinar with us and fill the form to save your spot today!
After Incorporation, What’s Next? Let’s find out how to do it right!
The government of Canada will introduce the Canada Recovery Caregiver Benefit (CRCB) effective from September 27, 2020 for one year.
The Gov of CA changes to the Canada Student Loans Program (CSLP) to allow more students to qualify for support and be eligible for greater amounts.
Successful applicants will receive a relief grant of up to $5,000. We intend to support local businesses of all kinds from across the country (from retailers to barbershops to farmers).
The government of Canada will introduce the Canada Recovery Sickness Benefit (CRSB) effective from September 27, 2020 for one year.
As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario. Accounting Plus can help!
You can now sign up for CRA direct deposit through many Canadian financial institutions’ websites. Register to get your payments faster and directly into your account. How to sign up 1. Online You can sign up yourself if you are registered for My Account. If you are not yet registered, why wait? My Account can help…
If you have questions about EI or don’t know how to apply. You can fill the web form below and ask for a call back from Service Canada Web Form>>
Special one-time tax-free payment for certified holders of the Disability Tax Credit, up to $600.
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
New: Minimum wage rates in Ontario will increase on October 1, 2020. Under the Making Ontario Open for Business Act this increase is tied to the Ontario Consumer Price Index for 2020. The increase to the general minimum wage will be 25 cents, which will bring the new rate to $14.25 an hour. The general and specialized minimum wage…
There are a few ways accountants can help when you’re purchasing a business.
If you moved at least 40km closer to your educational institution or work
Employment Insurance (EI): Temporary Changes – Eligibility changes as of September 27, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Expecting a baby? See if you’re eligible for some benefits
You can avoid the withholding tax by choosing to transfer the severance allowance directly into your RRSP or RPP account.
Canada Emergency Student Benefit (CESB): eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $2,000 monthly.
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
Wondering what COVID19 support is available to you? Check our website for details
I forgot to apply for a previous period of CESB. Am I too late?
Applications for claim period 5 (July 5 to August 1) will open August 17, 2020.
Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
In order to cancel your business registration or dissolve your corporation, you must:
As a business owner, you cannot reduce your remittance of CPP contributions or EI premiums.
One-time tax-free payments for seniors eligible for Old Age Security, the Guaranteed Income Supplement and the Allowances will be issued automatically the week of July 6.
It is hard to establish a completely paperless office. But scanning your documents and receipts into a cloud storage system will protect your important records from degradation.
Support for your business.
Find COVID-19 support and other programs and services.
If you applied to both Employment Insurance (EI) and CERB, it’s important that you keep track
If you owe money to the CRA, ensure you file your taxes and pay your owing on time
Employees can deduct expenses for the employment use of a work-space at home
You will be able to apply to receive up to 24 weeks if you’re still unemployed and cannot find employment as a result of COVID-19.
The Government of Canada is providing a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS).
If you need to repay a Canada Emergency Response Benefit (CERB) payment, you can do it with a few simple clicks using My Account. You can also mail a cheque or money order to the CRA.
Benefits payments for eligible Canadians to continue until Fall 2020
The deadline to file your Canadian personal income tax return has been extended from April 30, 2020 to June 1, 2020.
The deadline to pay all outstanding balances for tax year 2019 has been extended to August 31, 2020.
Are you a Canadian student or recent graduate applying for the Canada Emergency Student Benefit (CESB) but have never filed a tax return?
Find the support you need for your business by answering a few questions to get a personalized list of support.
Did you know…
You can claim travel expenses for medical reasons (at least 40 km one way)
Sign Up for Direct Deposit: So Get Your Money Quicker
Accounting Plus will not be offering any in-person appointments, nor will be able to process physical documents in a timely fashion, until April 5, 2020.
You may have mistakenly applied for the CERB twice. Don’t worry, CRA will contact you shortly. Any other combination of payments means you were paid accurately.
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
With Accounting Plus, you have accountants who are working hard to ensure you pay the lowest tax legally possible.
Ontario: Child Support: $200 per child. Check our website for details
Wondering what COVID19 support is available to you? Check our website for details
Until August 31st, 2020, we will recognize a Form T183 or T183CORP that has an electronic signature as meeting the signature requirements of the Income Tax Act.
File your tax returns as soon as possible; you’ll get your money sooner
Want to apply Canada Emergency Response Benefit (CERB) but do not know how to register CRA MyAccount? Here is the instruction
The 2019 federal budget introduced a non-refundable tax credit equal to 15 percent of your subscription costs, for all subscriptions purchased from 2020 through 2024.
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Canada is providing financial support to those affected by COVID-19.
The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020!
Financial Measures From the Government of Canada in response to COVID-19
CRA has created an online verification tool that every taxpayer can access through CRA’s website.
Did you know…The relationship between disability tax credit (DTC) & Home Buyer’s Plan (HBP)?
The 2020 tax season will kick off on February 24, 2020
The deadline to file personal taxes for most Canadians is April 30, 2020
If you have a child who is 18 or over, it Is beneficial to file their tax return.
Do you know……you don’t have to wait for Notice of Assessment or reassessment if you file tax with Accounting Plus Financial Services!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
You may transfer RRSP fund from one RRSP to another without getting taxes.
Did you know… RRSP gives you tax deferral which is great but once you make a contribution to your RRSP, you no longer have the money available to reinvest to your business.
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
Did you know… As an employer, you are required to give your employees or recipients their T4 slips and file their information returns with the CRA on or before the last day of February.
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest on the money you borrow in many cases is not deductible.
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
If a family member has provided services for your business in 2019 ask us for advice on paying your family members.
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Did you know…After-school programs might can qualify as an eligible childcare expense?
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
